The Selection Research On Household Asset Allocation And Consumption Growth Path

In recent years,with the rapid development of economy and the gradual opening of the financial market in China,the consumption structure of urban households has been escalating,the types of financial assets are increasing,and the choice of assets has been expanding.Corresponding to this,the choice of financial assets and consumption behavior of urban households are becoming more and more closely.Financial assets become an important factor in consumption.In addition,as the housing system reform,housing assets become the most important assets in the household assets,so that the choice of assets of urban households is not only limited to financial assets.Therefore,it is of great practical significance to study the relationship between the structure of household asset allocation and the path of consumption growwth from a micro perspective.In theory,according to the consumers intertemporal optimal consumption growth model and asset selection model,this paper considers the common effects of housing assets,financial assets,consumption habits,labor income and interest rates on consumption,analyzes the intertemporal budget constraints of the family in the context of multiple asset configurations,constructs a mathematical economic model for the choice of the growth path of household consumption,studies the household consumption behavior under various asset allocation constraints.In the empirical analysis,taking into account the difference of consumption structure,based on the provincial panel data during 2003-2014,this paper uses the generalized moment estimation method to establish the dynamic panel data model,analyzes the economic effects of different types of consumer expenditure;At the same time,it also examines the regional differences that affect the growth of household consumption such as housing assets and other geopolitical factors.The empirical results show:(1)All kinds of consumption of urban households have a strong sensitivity of income and some degree of inertia,which the estimated value of consumption habits in durable consumption is negative,and non durable consumption and entertainment consumption is positive;(2).Household housing assets and savings assets show varying degrees of wealth and squeeze effect by the different forms of preventive savings and liquidity constraints on different types of consumption growth;(3)The income effect of stock returns on all kinds of consumption expenditure is greater than the substitution effect;(4)There are regional differences in housing assets and other geographical factors on urban household consumption of various types of consumer spending.In eastern,housing assets main show the wealth effect;in midland,it show the wealth effect to durable and show the crowding out on the other two types of consumer spending,while the west overall impact is not significant.Comprehensive theoretical and empirical analysis results,over the choice of economic mechanism of family asset allocation structure and consumption path,this paper puts forward some policy recommendations about promoting the sustained and stable economic growth for stimulating the consumption demand of urban residents,improving the consumption ability.